12-19-2001 Council Agenda - Laserfiche WebLink

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2.29. 2.25. "Environmental Law" means the Comprehensive Environmental Response, Compensation and Liability Act, 42 U.S.C. Section 9601 et seq., the Resource Conservation and Recovery Act, 42 U.S.C. Section 6901 et seq., the Hazardous Materials Transportation Act, 49 U.S.C. Section 1802 et seq., the Toxic Substances Control Act, 15 U.S.C. Section 2601 et seq., the Federal Water Pollution Control Act, 33 U.S.C. sec. 1251 et seq., the Clean Water Act, 33 U.S.C. Section 1321 et seq., the Clean Air Act, 42 U.S.C. sec. 7401 et seq., the Minnesota Environmental Response and Liability Act, Minnesota Statutes ch. 115B, the Minnesota Petroleum Tank Release Cleanup Act, Minnesota Statutes ch. 1 15C, and any other federal, state, county, municipal, local or other statute, law, ordinance or regulation which may relate to or deal with human health or the environment, all as may be from time to time amended. 2.30. 2.26. "Environmental Reports" means, collectively, Twin City Testing Corporation's Phase I Preacquisition Site Assessment for Norwest Bank Minnesota & Thompson Companies at Budget Power Facility 107 Little Canada Road Little Canada, Minnesota dated July 29, 1989 (File No. 4410 89 -5673; RE /SPEC Inc.'s Limited Phase II Environmental Site Assessment — Budget Power Site — 107 West Little Canada Road — Little Canada, MN RE /SPEC #475 -39.1 dated December 20, 1996; RE /SPEC Inc.'s Phase I Environmental Site Assessment — 2822 and 2826 Rice Street — Little Canada, Minnesota (RE /SPEC Report No. 985 — RE /SPEC Project No. 734 -1.0) dated April 10, 1998; and RE /SPEC Inc.'s Limited Phase II Environmental Assessment — 2822 Rice Street — Little Canada, Minnesota (RE /SPEC Report No. 985 — RE /SPEC Project No. 734 -2.0) dated May 20, 1999. 2.31. 2.27. "Event of Default" means any one of the Events of Default described in Section 13.1. 2 32 "Excess Annual Cash Flow" means, for any Fiscal Year. the i ive difference, ifany between Cumulative Cash Flow and Developer's Cumulative Return on Equity as of the end of that Fiscal Year. 2.33. 2.28. "First Mortgage" means a recorded Mortgage with priority over all other Mortgages and liens on the Redevelopment Property (other than the lien for real estate taxes and levied special assessments not yet due and payable) which the Developer grants to a commercial lender or other financial institution to secure a loan the proceeds of which the Developer uses to pay the costs of constructing the Minimum Improvements or to refinance a loan an earlier First Mortgage cecuresLoan: provided. however. a Mortgage granted to refinance a First Mortgage Loan may not secure an amount in excess of the amount outstanding on the refinanced First Mortgage Loan immediately.prior to the refinancing 2.34. "First Mortge Loan" means the loan a First Mortgage secures. 2.35. "Fiscal Year" means the Developer's fiscal year. As of the date of this Apreement the Developer's fiscal year is the calendar year. 1353333vDOC Red (V3 to V2) Page 109